MONTERREY: Mexico's Cemex, one of the world's biggest cement makers, said on Tuesday it aims to cut its debt by up to $1 billion this year and sees compound annual growth of 4 percent in sales volumes between 2014-2016. Cemex, burdened with a heavy debt load from expensive acquisitions before the 2008 financial crisis, has been focusing on reducing debt to regain an investment-grade rating.
The company believes it can refinance $2.9 billion in bonds at a coupon of around 9 percent this year, according to a presentation to investors.
Cemex had total debt of $16.29 billion at the end of 2014.
"There are some clouds, but we're sure next year will be better," Cemex Chief Executive Fernando Gonzalez told analysts in New York in a conference streamed online. "We can deliver growth above the average we can increase our volumes significantly," he added. Gonzalez said he expected demand next year to grow above 6 percent in the United States and Spain, while in Mexico, Central America and South America, it should grow at more than 3 percent.
Comments
Comments are closed.